Binance is banned in Malaysia, closes business with 14 days notice

Malaysia is the latest regulated theater after Binance, as the country’s authorities have accused the exchange giant of continuing to operate illegally in the country.

According to one announcement The Securities Commission of Malaysia (SC) issued a public condemnation of Binance on Friday, demanding that the exchange and all its entities cease operations in the country.

SC stated that, despite previous warnings, Binance continues to operate in Malaysia. In fact, as early as July 2020, Cointelegraph reports that Binance is not allowed Operating in Malaysia.

At that time, the Securities Regulatory Commission issued an “Investor Alert List”, which included several digital asset exchanges providing services in the country without proper authorization from Malaysian regulators.

From July 26, Binance has 14 working days to comply with the order, which includes disabling its website and mobile applications, and suspending any media promotion activities for its services in the country.

The announcement also authorized Binance CEO Changpeng Zhao to ensure full compliance with the order. The Malaysian securities regulator also urged citizens to stop trading with cryptocurrency exchanges operating illegally in the country.

Binance did not immediately respond to Cointelegraph’s request for comment.

related: As the exchange expands, Binance CEO hopes to “cooperate with regulators”

The news about Binance in Malaysia is just the latest news on the comprehensive regulatory actions of the exchange giant. From warnings to investigations, and now complete bans, these platforms seem to be supervised by global financial regulators.

In early July, the Italian financial regulator issued a warning to Binance, saying that the platform Not authorized to provide services in the country. In addition to Italy, Germany, Poland, Japan, Thailand, Singapore, the United States, the United Kingdom and other countries have also introduced Issue a warning about Binance.

As far as Binance is concerned, it has taken steps to alleviate the situation, and its CEO has pledged to work with regulators to plan further expansion globally.The exchange also has a series of policy changes Withdrawal limit reduced For users who have not yet completed the platform authentication agreement.

At the same time, the exchange also announced plans Closing European crypto derivatives trading, Starting from Germany, Italy and the Netherlands.

This story is under development and will be updated.